Zee Entertainment Enterprises Ltd (ZEEL) is seeking rapprochement with Sony Group as it makes a last-ditch effort to resurrect a $10 billion merger, according to industry sources. After the Japanese multinational firm pulled the plug on its $10 billion merger deal in January, the Indian company reached out again to Sony to reconsider the termination and offered for talks this month, a source said. On the other hand, Sony is understood to be evaluating the proposal from Zee.
Tech Mahindra would pay Rs 1,756 crore (Rs 17.56 billion) before the deadline of April 21 for acquiring 31 per cent stake in Satyam Computer for which it got the approval from the Company Law Board on Thursday.
The legal battle for control of Haldia Petrochemicals Ltd took a new twist on Wednesday when The Chatterjee Group contended before the Company Law Board that 15.5 crore (Rs 155 million) shares of the company were unaccounted for.
The battle for control of the erstwhile Royal Palace of Jaipur between Queen Mother Gayatri Devi and her grandchildren continued to be fought before the Company Law Board.
After signing the agreement documents on Tuesday night, the Shishir and Rahul Bajaj factions submitted the consent terms of the settlement to the Company Law Board on Wednesday and withdrew the petition.
The government on Wednesday said it will not relook at the investigations handled by arrested Company Law Board member R Vasudevan, when he was heading the inspection department of the ministry of corporate affairs.
Maytas Infra Ltd will again petition the Company Law Board to allow it to induct the Saudi Binladen Group (SBG) as its strategic partner, according to IL&FS and Maytas' chairman, Ravi Parthasarathy.
In a relief to R S Lodha, the Company Law Board on Monday dismissed a petition seeking investigation into who controls M P Birla flagship company Birla Corporation.
The National Company Law Tribunal (NCLT) has reserved its order on the merger of Zee Entertainment Enterprises and with Culver Max Entertainment (earlier known as Sony Pictures Networks India). The Mumbai bench of NCLT, comprising H V Subba Rao and Madhu Sinha, reserved the order on Monday, after hearing arguments from creditors who objected to the scheme including Axis Finance, JC Flower Asset Reconstruction Co, IDBI Bank, Imax Corp and IDBI Trusteeship. In December 2021, Zee Entertainment and Sony Pictures had agreed to merge their businesses.
The RBI on Thursday filed an application for initiation of Corporate Insolvency Resolution Process (CIRP) against debt-ridden Reliance Capital at the Mumbai bench of the National Company Law Tribunal. The Reserve Bank had on November 29 superseded the board of Anil Ambani-promoted Reliance Capital Ltd (RCL) in view of payment defaults and serious governance issues. The central bank had also appointed Nageswar Rao Y (former executive director, Bank of Maharashtra) as the administrator of the company.
With real estate valuations falling and other deals coming unstuck, the current management's improved target faces significant challenges.
India's anti-corruption ombudsman, the Lokpal, has dismissed a complaint alleging corruption against former Chief Justice of India (CJI) DY Chandrachud, citing a lack of jurisdiction. The complaint, filed in October 2024, alleged abuse of office, corruption, and favoritism by Chandrachud while he was CJI. The Lokpal, in its order, concluded that sitting judges of the Supreme Court, including the CJI, are not subject to its jurisdiction under the Lokpal and Lokayuktas Act. The Lokpal stated that the Supreme Court was established by the Constitution of India, not an Act of Parliament, making it outside the scope of its jurisdiction.
The Company Law Board on Monday adjourned for July 30 the hearings of the main petition filed by BPL Group patriarch T P G Nambiar against the alleged sidelining by his son-in-law and CEO of BPL Communications Rajeev Chandrasekhar in the telecom busi
A number of listed companies are not to be found on their registered address. The stock exchange has also been unable to contact them through other means. These 50 companies had been suspended for violations for more than six months. The BSE had reached out to them with show cause notices in December 2020.
Zee Entertainment Enterprises Ltd on Wednesday approached the National Company Law Appellate Tribunal (NCLAT) against the requisition of minority shareholders Invesco and OFI Global China Fund to convene an Extraordinary General Meeting (EGM) to discuss various issues, including removal of managing director Punit Goenka. The media major has challenged the orders of Mumbai-bench of the National Company Law Tribunal, which had on Tuesday directed Zee Entertainment Enterprises Ltd (ZEEL) to filed reply over the petition filed by its minority shareholders by October 7 (Thursday), the next date of hearing. Confirming the development, a ZEEL Spokesperson said: "The company has moved NCLAT in accordance with the due process available under the law."
Veterans in the travel industry, a well-known corporate lawyer, and a marquee US-based hedge fund have backed the upcoming low-cost airline Akasa Air. Founded by former Jet Airways chief executive officer (CEO) Vinay Dube, the venture counts ace stock trader and investor Rakesh Jhunjhunwala as its biggest financial backer with an investment of around Rs 300 crore. A person with knowledge of the development said most of the people were well known to Jhunjhunwala and Dube, who approached them during the conception stage.
Differences still persist between Rahul Bajaj, his brother Shishir Bajaj and others on the issue of transfer of shares for finalisng the split of the Bajaj group, the Company Law Board has been informed by the lawyers.
An out-of-court settlement for division of the Bajaj empire appears unlikely anytime soon, with patriarch Rahul Bajaj accusing younger brother Shishir on Thursday of raising additional demands that cannot be met.
Out of 3,871 recovery certificates issued by the regulator in various cases, 807 have been certified as difficult to recover.
Shishir, Rahul factions dissent over all-important chairmanship.
This is one question that's uppermost in the minds of analysts, marketmen and industry experts even as the Company Law Board on Thursday gave the scam-tainted IT firm's stake sale plan the go-ahead.
Reigning champions City are also involved in a separate independent hearing into the club's alleged breaches of Premier League financial regulations which began in September, with a verdict expected some time before the end of the current season.
The Company Law Board on Thursday asked the warring Bajaj brothers - Rahul and Shishir - to prepare a report on the areas of dispute that are holding up a mutually acceptable agreement for splitting the business empire.CLB chairman S Balasubramanian, who is hearing arguments by the two sides, also sought to know the points of difference over which they terminated last month their Memorandum of Understanding (MoU) drafted for division in the group.
Even as the Bajaj imbroglio comes up for hearing before the Company Law Board (CLB) on October 23, there is every indication that this might turn out to be the longest-running family feud of all times.
ICAI on Tuesday said it is setting up a fast-track cell to deal with cases against chartered accountants involved in incorporating shell companies in India with Chinese links and it would aim to dispose them of by the end of the year. Those found guilty can face a lifetime ban, among other actions. The apex bodies of chartered accountants and company secretaries, ICAI and ICSI, have together received around 400 complaints on the issue and necessary actions have been initiated.
The proposal to merge the Gujarat International Finance Tec-City (GIFT City) units of the National Stock Exchange (NSE) and BSE has reached an advanced stage, and both bourses could file an application before the National Company Law Tribunal as early as this month, according to a top regulatory official. Sources indicate that the merger proposal has received approval from their respective boards. Both the NSE and BSE are arch rivals when it comes to onshore trading.
A majority of the companies said the law, aimed at jobs with a monthly salary cap of Rs 50,000, will result in them leaving Haryana or growing their operations in other states and abroad.
The Delhi high court has ordered status quo in a dispute between two brothers for management of Hotel Ashok Yatri Niwas, one of the hotels sold off by the previous NDA regime in 2002 as part of its disinvestment programme.
Both the NCLT and NCLAT are getting permanent heads after more than one-and-a-half years following the retirement of their respective incumbents.
